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7
<br />
<br />Funding Sources Status Acquisition/
<br />Construction
<br />Permanent
<br />Tax Exempt (TE) Loan (Construction to
<br />permanent loan)
<br />Uncommitted 19,000,000 12,100,000
<br />Taxable Loan (Construction loan) Uncommitted 17,500,000 0
<br />City of Redwood City- February 2024 Award
<br />(RDA LMIHF)
<br />Committed 1,864,324 1,864,324
<br />City of Redwood City- February 2024 Award 3
<br />Award (HOME)
<br />Committed 2,502,136
<br />
<br />2,502,136
<br />
<br />County of San Mateo Uncommitted 9,111,180 9,111,180
<br />Contributed Developer Fee Committed 3,500,000 3,500,000
<br />Deferred Developer Fee Committed 2,230,000 2,230,000
<br />Land Note (Loan from Sandhill)
<br />
<br />Committed 5,900,000
<br />
<br />5,900,000
<br />General Partner (GP) Capital Committed 100 100
<br />LP Capital (federal 4% credits) Uncommitted 4,432,133 29,547,550
<br />Deferred costs during construction Committed 715,417 0
<br />City of Redwood City - November 19, 2025
<br />Request (RDA)
<br />Applied 4,650,000 4,650,000
<br />City of Redwood City - November 19, 2025
<br />Request (Housing Impact Fee)
<br />Applied 3,310,000 3,310,000
<br />Total 74,715,290
<br />
<br />74,715,290
<br />
<br />Total Development Costs: $74,715,290
<br />
<br />Capitalized Replacement Reserves: Replacement reserve is capitalized at $500 per unit. It is escalated at
<br />3.5% annually. This meets and exceeds the City’s requirements of having at least $250/ per unit escalated
<br />at 3.5% annually.
<br />
<br />Capitalized Operating Reserve s: The City’s operating reserve requirement is 3 months
<br />of expenses including hard debt, monitoring fees, and replacement reserve under development
<br />budget. The project is 100% affordable and will not have a City monitoring fee. The project’s three months
<br />of hard debt and replacement reserve is about $207,000. The development budget currently has $439,120
<br />in operating reserve or approximately 6 months of operating reserves. The project meets and
<br />exceeds City’s requirement.
<br />
<br />Developer Fee: The City requires 4% and 9% tax credit projects to have their developer fee be the sum of
<br />15% of the project’s unadjusted eligible basis or up to $2,500,000. Developer fees in excess shall be
<br />deferred or contributed as equity to the project. The total developer fee in the project is $8,230,000 with
<br />$3,500,000 (Contributed Developer Fee), $2,230,000 (Deferred Developer Fee), and $2,500,000 (paid to
<br />developer). The total developer fee cash out for the project is $2,500,000. Project meets
<br />the City’s requirement.
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